In September 2023

Implicit interest rate on housing loan agreements rose to 4.4%

In September 2023, according to information provided by Statistics Portugal (INE), the implicit interest rate on housing loan agreements in the Autonomous Region of Madeira (RAM) reached 4.387%, marking an increase of 0.162 percentage points (pp) compared to the previous month. It's worth noting that in September 2022, the implicit interest rate on housing loan agreements was only 1.094%.

In terms of loan repayments for all housing loan contracts, the average value increased by 7 euros compared to the previous month, reaching 396 euros, with interest accounting for 227 euros (an increase of 9 euros from the previous month) and amortisation at 169 euros (a decrease of 2 euros from the preceding month). In the same month of the previous year, the average value of loan repayments amount was 284 euros.

On the other hand, the average outstanding loan amount for housing loan contracts increased, amounting to 63,125 euros in this month, compared to 62,908 euros in August 2023. One year earlier, it was 61,157 euros.

Nationally, and across all housing loan contracts, the implicit interest rate rose to 4.270% in September 2023, an increase of 0.181 pp from the previous month. The average value of loan repayments for all contracts amounts for all contracts increased to 386 euros, with the average outstanding loan growing to 63,962 euros (63,740 euros in the preceding month). In the country, interest rates increased by 10 euros compared to the previous month, while the amortised capital decreased by 3 euros.

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